Sobha Share Price Today: This realty stock jumps 9% on the back of strong sales value and volume in Q1 – Check details here

The company in its quarterly update reported total new sales increased by 38 per cent to 895,539 square feet in Q1 FY22 from 650,400 square feet in the same period a year ago. While the total sales value grew by 40 per cent to Rs 682.9 crore in Q1 FY22 as against Rs 487.7 crore year-on-year.

The realty company's share in the sales values at Rs 570.9 crore in Q1 FY22, was higher by 45 per cent versus Rs 393.1 crore in the first quarter of last financial year. Total average price realization improved by 1.71 per cent to Rs 7,626/sq ft in Q1 FY22 as against Rs 7,498/sq ft in Q1 FY21.

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The company in its filing to exchanges said that the residential real estate sector has been showing encouraging signs of structural revival in the recent past with better preparedness and having already adapted to digital tools. 

The company not only withstands the pressures of the pandemic but was also able to maintain the momentum gained post the impact of the first wave of the pandemic, it said in a release.

Sobha is a real estate player primarily focused on residential and contractual projects. It reported a decline in consolidated net profit by over 64 per cent to Rs 17.90 crore in Q4 of FY21, while a 39 per cent rise in net sales to Rs 553.40 crore year-on-year.

The scrip at around 12:45 pm, has been trading over 4 per cent higher to Rs 511.2 apiece on the BSE, as compared to 0.08 per cent growth in the S&P BSE Sensex. Since Monday, the stock has grown 15 per cent from Rs 465.4 per share, however, was trading mute till the company’s Q1 update.